Activist shareholder David Einhorn has publicly pressed Apple to figure out a way to increase shareholder value. He even filed a lawsuit against Apple as part of his larger scheme to get the company to release some of its cash load.

While Cook said that he still thinks Einhorn's lawsuit is silly, he added that the company is taking the issue of boosting shareholder value seriously.

12:55 P.M.: Cook on new campus: "We plan to bulldoze all the buildings on the new site, build one 2.8 million sq. foot building that will be the most collaborative work environment; I project that we will move in, in 2016."

Cook on supply chain: Our work on supply chain was not in response to anything; we were doing it before the press attention. ... When we find things we fix things, and when we find things we report things. ... Over 200,000 people are taking advantage of college courses we started on our work sites; we have trained more than one million workers on their rights.

12:47 P.M.: First question: What are you going to do about Android and Samsung gaining market share?

Cook: We're not constraining our investment in R&D by a desire to grow a cash pile. We stay very focused and work on a few things. ... The real market share numbers are hard to come by. ... It is clear that Android is on a lot of phones ... it is probably true that iOS is on a lot more tablets .... Success is not making the most. ... Where market share is important (is in being big enough to attract an ecosystem) .... We're really aware of the competition as well. "We don't have our heads stuck up ... stuck in the sand. .... There's a button or two we could press to make the most .... That would not be good for Apple."

There is one comment about Al Gore, saying he should not be reelected. He is saying his sale of Current TV should disqualify him from serving on any "decent" company's board.

Sewell mentions that because of a court order, Proposal No. 2 will not come up for a vote.

CalPERS representative Anne Simpson takes the mic to support Apple's position and speak against Einhorn. CalPERS says had it come to a vote, Proposal No. 2 would have won based on its polling.

Nathan Cummings foundation also speaks out in favor of Proposal No. 2 and against Einhorn's position. (This is interesting because CalPERS and this foundation are typically locking horns with management. He says Einhorn is not here today.)

A shareholder from London speaks up to say the proposals in #2 should have been separated in the first place.

12:07 P.M.: Sewell is outlining the voting process; lots of shareholder hands are up for ballots.

12:04 P.M: Bruce Sewell has taken over. He is calling the formal part of the meeting to order.

12:03 P.M.: Cook introduces Al Gore as "The inventor of the Internet" for laughs.

12:02 P.M.: Tim Cook has started the meeting, he is introducing the board.

10:41 A.M.: About a dozen shareholders in line, Apple giving them coffee and donuts.

Editor's Note: Apple is hosting its annual shareholder meeting today in Cupertino, Ca. and the big question looming over the event is if CEO Tim Cook will discuss what the company's plans are for it's nearly $140 billion cash pile.

Historically, the two-hour meeting is pretty straightforward, but this year Apple may feel pressure to shed more light on its cash strategy because of activist shareholder David Einhorn's public shaming of Apple for not distributing more cash to shareholders.

Einhorn, who is president of the hedge fund Greenlight Capital, recently sued Apple over a proposal in its proxy and was successful in blocking shareholders from voting on the measure today. Einhorn's aim is to get Apple to unlock more value to investors.

Chip Cobb, senior vice president at BMT Asset Management, said that while he is unsure if Apple will disclose any increase in dividend today, he does think that Einhorn's activism has pressured Apple to start giving some answers.

"Einhorn, he's raised the bar a little bit on putting the pressure on Apple. I wouldn't expect a lot at this meeting today, but it's certainly a possibility that you're going to see the dividend increase beyond that, roughly 2.4 percent. It absolutely has become a value play," Cobb said.

CNBC's technology correspondent Jon Fortt is reporting live from the Apple shareholder meeting and will be sending live updates, including any news about its cash strategy.